Auditor Report of Filtron Engineers Ltd.

Mar 31, 2024

We were engaged to audit the financial statements of Filtron Engineers Limited ("the entity"),
which comprise the balance sheet as at March 31, 2024, the statement of Profit and Loss, and
statement of cash flows for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies.

We do not express an opinion on the accompanying financial statements of the entity. Because
of the significance of the matters described in the Basis for Disclaimer of Opinion section of our
report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis
for an audit opinion on these financial statements.

Basis for Disclaimer of Opinion

The Company is no longer a Going Concern as represented by the Management and accordingly effects
are giving to all items of Assets and Liabilities and therefore whereever ascertainable effects have been
given in books of account. As a result, financial statements are merely “Paper Figures” based on
available data/ information as the case may be.

The Company has maintained Fixed Assets register and has carried out physical verification of fixed
assets.

The balances in all current assets and current liabilities including statutory liabilities are subject to
confirmation, reconciliation.

We have relied upon the representation given by the management that, inventory of Rs.2,211.35
thousand will be having realizable value in the ordinary course o f business.

Since the organization is not a going concern we have relied upon representation from the management
regarding (a) non granting of any loans to any parties as mentioned in Section 189 of the companies Act,
2013 (b) making investments or guarantees as per Section 185 or Section 186 of the Companies Act, 2013

[c] Non acceptance of deposits _ from the public as per Section 73 to 76 of the Companies Act, 2013

The Company has not provided for interest, penalties on late payment or non-payment with respect to
dues with respect to Central Sales Tax (CST), Maharashtra Sales Tax, Goods and Service Tax Law, Tax

deduction at Source under the Income Tax Act, 1961 etc. The management has represented that, it has
defaulted in all applicable statutes and laws for lack of funds, lack of appropriate staff as the case may be.
The Company has also not deducted tax deducted at source on Provision for audit fees and also on Legal
and Professional Fees as per Section 194J of the Income Tax Act, 1961.The Company has also not paid
GST on Reverse Charge Mechanism under relevant GST Law as applicable.

The Company has filed income tax returns based on un-audited figures and as a result we are not able to
comment on any liability if any and to the extent relevant under the Income Tax Act, 1961 and its
consequential implications.

We have relied upon the representation given by the management in respect of related party transactions.

The Company has generally complied with the provisions under the Companies Act, 2013, Securities
Exchange Board of India.

A) We draw attention to note no-2 in the financial statement. The financial statement
indicate that the company incurred Loss after tax of Rs. 3,478.92 thousand during the
year ended 2024 and as of that date the company current liabilities Rs. 29,442.85
thousand its current asset are Rs. 3035.77 thousand as stated in note no 27(iii), these
event or condition along with others matters as set forth in other notes indicate that a
material uncertainty exists that may cast a significant doubt on the company ability to
continue as a going concern. Our opinion is not modified in respect of this matters.

B) The Companies has discontinued its operations and there is no continuity evidence which
demonstrate the company revival.

As a result of these matters, we were unable to determine whether any adjustments might have
been found necessary in respect of recorded or unrecorded inventories, fixed assets, trade
payables and the elements making up the statement of Profit and Loss.

Responsibilities of Management and Those Charged with Governance for the Financial
Statements

The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("the Act") with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial performance,
(changes in equity) 5and cash flows of the Company in accordance with6 the accounting
principles generally accepted in India, including the accounting Standards specified under
section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statement
that give a true and fair view and are free from material misstatement, whether due to fraud or
error.

In preparing the financial statements, management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company''s financial reporting
process.

Auditor''s Responsibilities for the Audit of the Financial Statements

Our responsibility is to conduct an audit of the entity''s financial statements in accordance with
Standards on Auditing and to issue an auditor''s report. However, because of the matters
described in the Basis for Disclaimer of Opinion section of our report, we were not able to obtain
sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial
statements.

We are independent of the entity in accordance with the ethical requirements in accordance
with the requirements of the Code of Ethics issued by ICAI and the ethical requirements as
prescribed under the laws and regulations applicable to the entity.

Report on Other Legal and Regulatory Requirements

1)As required by the Companies (Auditor''s Report) Order, 2016 ("the Order"), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,
2013, we give in the Annexure "A" a statement on the matters specified in paragraphs 3 and 4 of
the Order, to the extent applicable.

As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit relied upon based on Letter of
Representation given by the company to the extent relevant as the Company is not a “Going Concern”

(b) In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books and the Company does not have any
branches and hence returns were not verified.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account and since there are no branches, we did
not verify returns received from the branches.

(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.

(e) On the basis of the written representations received from the directors as on 31^st March, 2024
taken on record by the Board of Directors, all the directors were qualified as on 31^st March, 2024,
however on the date of signing of financial statements they were informed as qualified none of
the directors is in terms of Section 164(2) of the Act. (Representation required regarding
qualification as directors)

(f) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
"Annexure B".

(g) With respect to the other matters to be included in the Auditor''s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financial
position in its financial statements.

ii) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.

iii) There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.

iv) With respect to clause (e) of Rule 11 of the Companies (Audit and Auditors) Rules,
2014, as amended

A) The management has represented that, to the best of its knowledge and belief, no
funds have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the company to or in
any other person(s) or entity(ies), including foreign entities ("intermediaries"),
with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, whether, directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the company
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

B) Management has represented, that, to the best of its knowledge and belief, no
funds have been received by the company from any person(s) or entity(ies),
including foreign entities ("Funding Parties"), with the understanding, whether
recorded in writing or otherwise, that the company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or
provide Any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

C) Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our attention that has
caused us to believe that the representations under sub-clause (i) and (ii) of Rule
11 (e) as provided under (a) and (b) above, contain any material misstatement

v. The Company has neither declared nor paid any dividend during the year

vi. Proviso to rule 3(1) of the companies (Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature of recording audit trail (edit log) facility
is applicable to the company w.e.f April 1, 2023 and accordingly, the Company has maintained
it throughout the year.

2. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the
Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement
on the matters specified in paragraphs 3 and 4 of the Order.

3. With respect to the other matters to be included in the Auditor''s Report in accordance with
the requirements of section 197(16) of the Act, as amended:

To the best of our information and according to the explanations given to us, the remuneration
not paid by the Company to its directors during the year.

i. According to the information and explanations given to us, undisputed amounts
payable in respect of statutory dues were in arrears as at 31st March, 2024 for a
period of more than six months from the date they became payable and breakup of
the same is as below: -

Sr No	Particulars	Amount (Rs.''000)
1	Central Sales Tax	Nil
2	Goods & Service Tax Law	Nil
3	Tax Deducted at Source under the Income tax Act, 1961	Nil
4	Maharashtra Value Added Tax, 2002	Nil
	Total	Nil

ii. Since the Company has not complied with any provisions under the Securities &
Exchange Board of India, Companies Act, 1961, Tax Deducted at source under the
Income Tax Act, 1961 and other statutes as applicable impact of the same is not
ascertainable to the extent it is relating to interest, penalties and consequential
implications thereof.

ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts. The Company did not
have any long -term contracts including derivative contracts for which there were any material
foreseeable losses.

iii. The Company is of the opinion that, no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company

For S.H. SANE & CO.

Chartered Accountants

(Firm''s Registration No.0114491W)''

Sd/-

Shekhar Sane
Proprietor

Membership No. 047938
UDIN: - 24047938BKBGTD9935
Pune, May 30, 2024

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Mar 31, 2014

We have audited the accompanying financial statements of M/s. FILTRON ENGINEERS LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (“the Act”) read with the General Circular No. 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedure to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments the auditor consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting polices used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India

(a) in the case of the Balance Sheet o the state of affairs of the Company as at March 31, 2014

(b) in the case of the Profit and Loss Account of the profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended on that date

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order, 2003 (the order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by section 227(3) of the Act, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit ;

b. In our opinion proper books of account as required by law have been kept by the company so far as it appears from our examination of the books and proper returns adequate for the purposes of our audit have been received from branches not visited by us ;

c. The balance sheet, profit and loss account dealt with by this report are in agreement with the books of account and with the returns received from branches not visited by us;

d. In our opinion, the Balance Sheet, statement of Profit and Loss and Cash Flow statement dealt with by this report comply with the Accounting Standards notified under the Companies Act, 1956 read with General Circular No. 15/ 2013 dated September 13, 2013 of Ministry Of Corporate Affairs in respect of Section 133 of Companies Act, 2013 and except AS 15 in respect of Retirement Benefits and AS 22 in respect of Deferred Tax Asset/Liability.

e. On the basis of written representations received from the directors, as on 31st March 2014 and taken on record by the Board of Directors, none of the director is disqualified as on 31st March 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of Act.

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year.

(ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified at the year end by the management.

(b) In our opinion and according to the information and explanation given to us the procedure for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examinations of records of inventory in our opinion the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification of inventory and book record.

(iii) (a) In our opinion and according to the information and explanations given to us the Company has granted Loans/ Advances to the parties covered in the register maintained U/s. 301 of The Companies Act, 1956. The maximum amount of Loans/Advances during the year was Rs. 91.74 Lacs (P.Y. Rs. 91.74Lacs)

(b) As per the information and explanation given to us we are unable to express our opinion in respect of whether the rate of interest and other terms & condition of the Loans/Advances, repayments thereof and over dues amount of more than rupees one lacs of Loans/Advances given by the Company is prima facie prejudicial to the interest of the company.

(iv) In our opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and sale of goods and services.

(v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

(a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been so entered.

(b) According to the information and explanations given to us, where each of such transactions is in excess of Rs. 5 Lacs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A & 58AA of the Act and rules framed there under.

(vii) The Company does not have an internal audit system. We are informed that the steps are being taken for implementation of internal audit.

(viii) According to the information and explanation given to us, The Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, for any of the products of the company.

(ix) According to the information and explanations given to us in respect of the Statutory and other dues:

(a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Cess and other statutory dues except Sales Tax with the appropriate authorities during the year. Undisputed dues in respect of sale tax outstanding for the period of more than 6 month from the date they become payable is nil. (P.Y. Rs. NIL)

(x) The accumulated losses of the company as at the end of the year are not more than 50% of its net worth. The Company has not incurred cash losses during the financial period covered by our audit in the immediately preceding financial year.

(xi) According to the records of company examined by us and as per audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders as at the balance sheet date.

(xii) According to the information and explanations given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and the information and explanation given to us the term loans were applied on an overall basis, for the purpose for which they obtained.

(xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956, during the year and hence the question of whether the price at which shares have been issued is prejudicial to the interest of the Company does not arise.

(xix) According to the information and explanations given to us and the records examined by us, the company has not made any debenture issue.

(xx) The Company has not raised money by public issues during the year and hence the question of disclosure and verification of end use of such monies does not arise.

(xxi) During the course of examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have we have been informed of any such case by the management.

For and on behalf of A.A. BHAT & CO. Chartered Accountants Firm Registration No. 101282W

CA. NISHIKANT V. BADWE Partner Membership No. 31637 Place : Pune Dated : 24/05/2014

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Mar 31, 2012

We have audited the attached Balance Sheet of M/s. FILTRON ENGINEERS LIMITED at 6, Sitabag Colony, Sinhagad Road, Pune - 411 030 as on 31st March 2012 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

(ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

(iii) The balance sheet and profit and loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 AS - 22 in respect of Deferred Tax Asset & Liability & AS - 15 in respect Retirement Benefits.

(v) On the basis of written representations received from the directors and taken on record by the Board of Directors, none of the director is disqualified from being appointed as director as on dates certified by the directors under sections 274(1) (g) of the Companies Act, 1956.

(vi) In our opinion and the best of our information and according to the explanations given to us, the said accounts subject to note no 13 & 14, relating to non confirmation of balances of debtors, creditors, loans & advances, non provision of doubtful debts and pending approval from Central Government under section 295/296, 297 & other related sections and read together with other notes thereon and attached thereto. The said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2012.

(b) In the case of the Profit and Loss Account, of the profit for the year ended on that date;

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT (Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanation given to us, a substantial part of fixed assets has not been disposed of by the Company during the year.

(ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified at the year end by the management.

(b) In our opinion and according to the information and explanation given to us the procedure for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examination of records of inventory in our opinion the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification of inventory and book records.

(iii) (a) In our opinion and according to the information and explanation given to us the Company has granted Loans/ Advances to the parties covered in the register maintained U/s. 301 of The Companies Act, 1956. The maximum amount of Loans/Advances during the year was Rs. 74.78 Lacs P.Y. Rs. 46.50 Lacs)

(b) As per the information and explanation given to us we are unable to express our opinion in respect of whether the rate of interest and other terms & condition of the Loans/Advances, repayments thereof and over dues amount of more than rupees one lacs of Loans/Advances given by the Company is prima facie prejudicial to the interest of the company.

(iv) In our opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and sale of goods and services.

(v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

(a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been so entered.

(b) According to the information and explanation given to us, where each of such transactions is in excess of Rs. 5 Lacs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A & 58AA of the Act and rules framed there under.

(vii) The Company does not have an internal audit system. We are informed that the steps are being taken for implementation of internal audit.

(viii) According to the information and explanation given to us, The Central Government has not prescribed the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956, for any of the products of the company.

(ix) According to the information and explanations given to us in respect of the Statutory and other dues:

(a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Cess and other statutory dues except Sales Tax with the appropriate authorities during the year. Undisputed dues in respect of sale tax outstanding for the period of more than 6 month from the date they become payable is nil. (P.Y. Rs. NIL)

(x) The accumulated losses of the company as at the end of the year are not more than 50% of its net worth. The Company has not incurred cash losses during the financial period covered by our audit in the immediately preceding financial year.

(xi) According to the records of company examined by us and as per audit procedures and on the basis of information and explanation given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders as at the balance sheet date.

(xii) According to the information and explanation given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

(xiv) In our opinion and according to the information and explanation given to us, the Company is not a dealer or trader in securities.

(xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) In our opinion, and the information and explanation given to us the term loans were applied on an overall basis, for the purpose for which they obtained.

(xvii) According to the Cash Flow Statement and other records examined by us and the information and explanation given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956, during the year and hence the question of whether the price at which shares have been issued is prejudicial to the interest of the Company does not arise.

(xix) According to the information and explanation given to us and the records examined by us, the company has not made any debenture issue.

(xx) The Company has not raised money by public issues during the year and hence the question of disclosure and verification of end use of such monies does not arise.

(xxi) During the course of examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have we have been informed of any such case by the management.

For and on behalf of A. A. BHAT & CO. Chartered Accountants Firm Registration No. 101282W

CA. N. V. BADWE Partner Membership No. 31637

Pune Dated : 30/05/2012

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Mar 31, 2010

We have audited the attached Balance Sheet of M/s. FILTRON ENGINEERS LIMITED as at 6, Sitabag Colony, Sinhagad Road, Puna - 411 030 as on 31st March 2010 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management.

Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. (ii) In our oprnion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

(iii) The balance sheet and profit and loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 AS - 22 in respect of Deferred Tax Asset & Liability & AS - 15 in respect Retirement Benefits.

(v) On the basis of confirmations received from the directors and taken on record by the Board of Directors, none of the director is disqualified from being appointed as director as on dates certified by the directors under sections 274(1)

(g) of the Companies Act, 1956.

(vi) In our opinion and the best of our information and according to the explanations given to us, the said accounts subject to note no V, relating to non confirmation of balances of debtors, creditors, loans & advances, non provision of doubtful debts and pending approval from Central Government under section 295/296, 297 & other related sections and read together with other notes thereon. The said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March 2010.

(b) In the case of the Profit and Loss Account, of the profit for the year ended on that Date;

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.





ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed of by the Company during the year.

(ii) In. respect of its inventories:

(a) As explained to us, inventories were physically verified at the year end by the management.

(b) in our opinion and according to the information and explanation given to us the procedure for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examinations of records of inventory in our opinion the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification of inventory and book records.

(iii) (a) In our opinion and according to the information and explanations given to us the Company has granted Loans/ Advances to the parties covered in the registered maintained U/s. 301 of The Companies Act, 1956. The maximum amount of Loans/Advances during the year was Rs. 94.57/- Lacs (Pr.Yrs. Rs. .48/- Lacs) and the year ended balance was Rs12.02/- Lacs (Pr. Yrs. Rs. 12.02/-).

(b) As per the information andexplanation given to us we are unable to express our opinion in respect of whether the rate of interest and other terms & condition of the Loans/Advances, repayments thereof and over dues amount of more than rupees one lacs of Loans/Advances given by the Company are prima facie prejudicial to the interest of the company.

(iv) In our opinion there exist an adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and sale of goods and services.

(v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act-, 1956:

(a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been.so entered.

(b) According to the information and explanations given to us, where each of such transactions is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from public within the meaning of section 58A & 58AA of the Act and rules framed there under. (vii) The Company does not have an internal audit system. We are informed that the steps are being taken for implementation of internal audit.

(viii) According to the information and explanation given to us, The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, for any of the products of the company.

(ix) According to the information and explanations given to us in respect of the Statutory and other dues:

(a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Cess and other statutory dues expect Sales Tax with the appropriate authorities during the year. Undisputed dues in respect of sale tax outstanding for the period of more than 6 month from the date they become payable is nil. (Pr.Yrs. Rs. NIL/- ) (x) The accumulated losses of the company as at the end of the year are more than 50% of its net worth. The Company has not incurred cash losses during the financial period covered by our audit in the immediately preceding financial year.

(xi) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders as at the balance sheet date. (xii) According to the information and explanations given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The Provision of any special statute as specified under Clause

(xiii) of the order are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. (xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) As per the information and explanation given to us the loans were applied for the purpose for which the loans were obtained.

(xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956, during the year and hence the question of whether the price at which shares have been issued is prejudicial to the interest of the Company does not arise.

(xix) According to the information and explanations given to us and the records examined by us, the company has not made any debenture issue.

(xx) The Company has not raised money by public issues during the year and hence the question of disclosure and verification of end use of such monies does not arise.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For and on behalf of

A.A.BHAT & CO.

Chartered Accountants

N.V.BADWE

Place : Pune (Partner)

Date : 12/05/2010 Membership No. 31637.

---

Mar 31, 2009

We have audited the attached Balance Sheet of M/s. FILTRON ENGINEERS LIMITED as at 6, Sitabag Colony, Sinhagad Road, Pune - 411 030 as on 31st March 2009 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made bv management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003,issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956,we enclose in the Annexure a statement on the matters specified in paragraphs 4 & 5 of the said Order.

Further to our comments in the.Annexure referred to above, we report that:

(i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.

(ii) In our opinion, proper books of account as required by law have been kept by the Company sofar as appears from our examination of those books.

(iii) The balance sheet and profit and loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account

(iv) In our opinion, the balance sheet and profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 except AS - 15 in respect Retirement Benefits.

(v) On the basis of confirmations received from the directors and taken on record by the Board of Directors, none of the director is disqualified from being appointed as director as on dates certified by the directors under sections 274(1) (g) of the Companies Act, 1956.

(vi) In our opinion and the best of our information and according to the explanations given to us, the said accounts subject to note no V, relating to non confirmation of balances of debtors, creditors, loans & advances, non provision of doubtful debts and pending approval from Central Government under section 295/296, 297 & other related sections and read together with other notes thereon. The said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) In the case of the Balance Sheet, of the state of affairs of the company as at 31 st March 2009.

(b) In the case of the Profit and Loss Account, of the profit for the year ended on that Date;

(c) In the case of cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 3 of our report of even date)

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets were physically verified during the year by the management at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(ii) In respect of its inventories:

(a) As explained to us, inventories were physically verified at the year end by the management.

(b) In our opinion and according to the information and explanation given to us the procedure for physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) On the basis of our examinations of records of inventory in our opinion Jhe Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification of inventory and book records.

(iii) (a) In our opinion and according to the information and explanations given to us the Company has granted Loans/ Advances to the parties covered in the registered maintained U/s. 301 of The Companies Act, 1956. The maximum

amount of Loans/Advances during the year was Rs.0.48/- Lacs (Pr.Yrs. Rs. 2.70/- Lacs) and the year ended balance was Rs. 12.02 /- Lacs (Pr. Yrs. Rs. 43.86/-). (b) As per the information and explanation given to us we are unable to express our opinion in respect of whether the rate of interest and other terms & condition of the Loans/Advances, repayments thereof and over dues amount of more than rupees one lacs of Loans/Advances given by the Company are prima facie prejudicial to the interest of the company. (iv) in our opinion there exist an adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and sale of goods and services. (v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956:

(a) To the best of our knowledge and belief and according to the information and explanations given to us, transactions that needed to be entered into the register have been so entered.

(b) According to the information and explanations given to us, where each of such transactions is in excess of Rs.5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time.

(vi) According to the information and explanations given to us the company has not accepted any deposits from public.

(vii) The Company does not have an internal audit system. We are informed that the steps are being taken for implementation of internal audit.

(viii) According to the information and explanation given to us, The Central Government has not prescribed the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956, for any of the products of the company.

(ix) According to the information and explanations given to us in respect of the Statutory and other dues:

(a) The Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty, Custom Duty, Cess and other statutory dues expect Sales Tax with the appropriate authorities during the year. Undisputed dues in respect of sale tax outstanding for the period of more than 6 month from the date they become payable is nil. (Pr.Yrs. Rs. 455768/- as Interest for Professional Tax)

(x) The accumulated losses of the company as at the end of the year are not more than 50% of its net worth. The Company has not incurred cash losses during the financial period covered by our audit in the immediately preceding financial year.

(xi) Based on our audit procedures and on the basis of information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to financial institutions, banks and debenture holders as at the balance sheet date.

(xii) According to the information and explanations given to us, the Company has not granted loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) The provision of any special statute as specified under Clause

(xiii) of the order are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) As per the information and explanation given to us the loans were applied for the purpose for which the loans were obtained.

(xvii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, funds raised on short term basis have, prima facie, not been used during the year for long term investment and vice versa.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956, during the year and hence the question of whether the price at which shares have been issued is prejudicial to the interest of the Company does not arise.

(xix) According to the information and explanations given to us and the records examined by us, the company has not made any debenture issue.

(xx) The Company has not raised money by public issues during the year and hence the question of disclosure and verification of end use of such monies does not arise.

(xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year.

For and on behalf of A. A. BHAT & COMPANY Chartered Accountants Place : Pune N. V. BADWE Date : 25-06-2009 (Partner) M.No.31637